Citigroup Offers Hedge Fund Administration Services In Asia

Citigroup's Global Transaction Services group is now offering alternative investment administration services in Asia Pacific
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Citigroup’s Global Transaction Services group is now offering alternative investment administration services in Asia Pacific. They include fund and portfolio accounting, general ledger accounting, shareholder record keeping, corporate secretarial services and customized statements and reports. The service is aimed at hedge fund managers.

Citigroup says the outsourcing services, coupled with the front office capabilities, means that in Asia Pacific, Citigroup can now provide a comprehensive array of solutions for hedge fund managers, from prime brokerage through to back office administration requirements. The bank adds that the launch of the service complements the growth of its Asia Pacific business.

“Hedge fund managers increasingly want an integrated service provider,” says said Matthew Brown, Asia Pacific Head of Funds Services at Citigroup. “The combination of prime brokerage and alternative investment administration services means Citigroup is able to offer clients the complete transaction banking service. From fund administration, to global custody and cash management to prime brokerage, Citigroup can now offer the full service to clients in Asia Pacific.”

Through the relationship with Linedata’s Beauchamp, Citigroup’s Global Transaction Services and Prime Brokerage businesses offer the ability for hedge fund managers to have co-ordinated and integrated systems. Citigroup says the system in effect connects the back and front office via the OpenPrime system, an open architecture system that provides secure end-to-end capabilities including trading, order and portfolio management, and accounting.

Asia Pacific is one of the fastest growing regions in terms of funds under management. According to Eurekahedege, the number of new fund launches is forecast to hit 216 in 2006, up from 95 in 2003 and assets under management have doubled since 2003, according to data from Eurekahedge.

“The significant growth in alternative investment funds in Asia Pacific has fuelled demand for quality back office support services to hedge fund managers. The launch of this service offers clients the opportunity to ease their administration burden and to allow one service provider to offer an integrated solution to meet all their needs,” adds Brown.

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